Turkish Powder Metal Company Acquired by GKN
Worcestershire, 21-Apr-2017 — /EuropaWire/ — GKN plc has agreed the acquisition of Tozmetal Ticaret Ve Sanayi AS (Tozmetal). Tozmetal is a powder metal part manufacturer based in the Istanbul Ataturk Free Trade Zone, Turkey. With sales in 2016 of €24 million, Tozmetal focuses much of its output on hydraulic pump components for European automotive customers.
Peter Oberparleiter, Chief Executive of GKN Powder Metallurgy, said: “We are very excited to welcome Tozmetal into GKN Powder Metallurgy. Tozmetal is a well-run business that will complement our broad presence in the powder metals market.”
Completion of the acquisition is subject to approval from the relevant merger control authorities in Turkey and Germany.
SOURCE: GKN plc
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